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HomeMy WebLinkAbout08088•;t ►T► ►• :8 :: AN ORDINANCE TRANSFERRING $145,000 IN INTEREST REVENUE FROM THE HALF CENT SALES TAX FUND AND BUDGETING AND APPROPRIATING AN INCREASE OF $145,000 TO THE MINNEQUA LAKE CONSTRUCTION PROJECT NO. ML0603 BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The Minnequa Lake Capital Improvement Project is hereby budgeted and appropriated an increase of $145,000 to the 2009 Capital Budget. SECTION 2. $145,000 in interest revenue is hereby transferred from the Half Cent Sales Tax Fund to the Minnequa Lake Construction Project No. ML0603. SECTION 3. This Ordinance shall become effective upon final passage and approval. INTRODUCED: September 28, 2009 F-W Michael Occhiato A77TSTDD SY: CITY CLERK } C � OUNCILPERSON APPR D' } �- PRESIDENTaf Cfty Council PASSED AND APPROVED: October 13, 2009 PED: E D ED Background Paper for Proposed ORDINANCE AGENDA ITEM # S -6 DATE: SEPTEMBER 28, 2009 DEPARTMENT: PLANNING AND COMMUNITY DEVELOPMENT JERRY M. PACHECO, DIRECTOR TITLE AN ORDINANCE TRANSFERRING $145,000 IN INTEREST REVENUE FROM THE HALF CENT SALES TAX FUND AND BUDGETING AND APPROPRIATING AN INCREASE OF $145,000 TO THE MINNEQUA LAKE CONSTRUCTION PROJECT NO. M L0603 ISSUE Should the City Council approve an Ordinance transferring $145,000 in interest revenue from the Half Cent Sales Tax Fund and budgeting and appropriating an increase of $145,000 to the Minnequa Lake Construction Project No. MI-0603? RECOMMENDATION Approval of the Ordinance. BACKGROUND This Ordinance will increase the project funds for the Minnequa Lake Park and Open Space Project by $145,000 to a total of $5,295,000 for the acquisition and construction of the project. The reason for the additional expenses is due to additional stabilization expenses and cost for additional fill material required for the reconstruction of Lakeshore Drive /Palmer Avenue roadways, the stabilization of material for the outdoor basketball courts, parking areas and the trail /maintenance roads. The additional stabilization is required primarily on the southeastern portion of the project site. An additional work change order in the amount of $195,578 was issued to address the increase in stabilization costs. These change orders have reduced the project funds needed for repaving the Lakeshore Drive /Palmer Avenue section between Reno Avenue and Iowa Avenue. FINANCIAL IMPACT The additional funding in the amount of $145,000 for the project would be provided from interest revenue from the Half Cent Sales Tax Fund.